Real Estate Analysis and Commentary in Tulsa

It is hard to believe we are half way through the year 2023. The market has had some big changes over the past year, that's for sure. With the FED increasing interest rates over the past year, let's take a look at how that has effected the Tulsa MSA real estate market. July saw less homes on the market than 1 year ago which resulted in fewer pending listings. Closed listings were down 18% year over year, which is a result of fewer listings in earlier months as well. Primarily May and June of this year. 



Year to date, sales are down about 22.5% in the Tulsa MSA. Pending listings are down about 17%. New listings are down about 13%. We are starting to see the active inventory creep up slightly, about 1.5% over last year, which means homes are taking slightly longer to sell. Days on the market are up from 17 in 2022 to 31 in 20223. With the tight inventory, prices are still increasing despite the higher interest rates.

August is typically a statistically good month for closings, however, pending listings will most likely drop as the activity around August tends to be slightly slower than other months historically speaking. As we transition from summer to fall, look the market to pick back up in September and October then begin a slight slow down for the winter months.  

Lenders if you need a disaster inspection, let us know. We are out and about and can give a quick turn around for you.